It’s been a long since I have written and given an update to my followers on Medium (By the way I guess I have only 3–4 followers)
So here is an update, in the last b-blog I talked about we talked about how I was going to run an automated email campaign. But before I tell you about it I want to share some other news with you!
I have taken up a job as an XR developer. Yes, I never thought I would take up a job because I had decided in college that I want to try out different businesses in my 20s and experiment a lot more. But I was offered a job as an XR developer that is making virtual reality, augmented reality, and mixed reality applications. I love this field and I could have never understood how this industry is evolving (as it’s a pretty new field).
So yes I have a job now. So what about the plans of creating an agency and trying out different businesses? It's still on!! Now it's more kind of hustle. I have a remote job and on the side, in my free time, I make websites for businesses.
So that was the update about the job but now what about the business. I have got a couple of clients which I am working with (baby steps).
Now I am thinking of few things related to my business.
- How do I get clients consistently?
- How do I scale this?
- How do I ease the workload on me?
According to my current understanding, the best answer to the first question is referrals. By that I mean if my existing clients refer my work to some other potential client then that might be the best way to get more clients that too in a consistent fashion. But the catch is, for that I need to work with more clients and give them the best possible work and then they can refer my work. So still the problem of how to get more clients at the beginning is still a question that I have to figure out!
Now coming to the second question right now I think there are three ways to scale this. The current business model is exchanging time for money. I cannot create extra time out of thin air. So to scale this the first option is to slowly start charging more from each client I get.
The second way is to increase the number of clients I am working with at one point in time but this too has a limit as I am human and I can drag myself to work only till a certain limit. So this method can scale business only up to a certain level.
The third way is to hire people and distribute the work so that I can try getting more clients and get into the manager/sales role and let the team handle work on the projects. (Of course, keeping the quality of work top-notch!)
Now while I have discussed all these three ways to scale my service business. There is a limitation to it. This business cannot be scaled to infinity. I will explain that. A service-based business at its bare bones is exchanging time for money. I or my team will put efforts and time to create something for our clients in return for which we will get paid. Time is limited, we all have 24 hours ( I wish I had 36). So we cannot scale with the time. If I want more work to be done then I will have to eventually think of hiring more people. But then the fun in the business is not increasing with more number of people. Managing teams of 3 and teams of 30 should have the same experience if we are working on the same projects. I would simply say I don't have leverage in this business. Simply put this business is a linear business
This graph is a good representation of service-based businesses. More time my team or I put into the businesses and client work (assuming we are getting consistent clients) more we can earn.
Now by leverage I mean if I stop putting time into the business my it will stop growing.
Then how do I get leverage into my business then?
My current understanding says I need to productize this. By that I mean even if I am in service-based business I need to create tools for users which will go hand in hand with the services I aim to provide and makes the lives of users better and easier. More people use the products/tools more the earning can be. And to create product/tools you have to put massive time only once and little time while giving updates. But if more and more users start using it then our earnings can have an exponential factor to it.
This is the graph towards I am to push my business to. Enough of discussing my business in graphs 😅😂.
Let me tell you about the last fun thing ( I know you might have got bored till now) I have realized that we have more time than we think. I thought after having a job I would not be able to focus on my business and I will be able to give lesser time than before. But that was not the case, now of course a pretty heavy chunk of my time is taken up by my job(which I love). But my productivity has increased I am getting more done in a lesser amount of time both for my job and for my business along with that I am able to read daily and have time for fun and exercise as well. So my learning from this was that rather than measuring your productivity in terms of how much time you are putting into something. Measure it in terms of how much work you have got done.
If you have read it till the end, thank you for spending time on me. Love❤
See you next time!!!